31061032 2025-01-01 2025-12-31 31061032 2025-01-01 2025-12-31 1 31061032 2025-01-01 2025-12-31 1 31061032 2025-01-01 2025-12-31 1 31061032 2025-01-01 2025-12-31 2 31061032 2025-01-01 2025-12-31 3 31061032 2024-01-01 2024-12-31 31061032 2025-12-31 31061032 2024-12-31 31061032 2024-01-01 d:ContributedCapitalMember 31061032 2024-01-01 d:RetainedEarningsMember 31061032 2024-01-01 d:ProposedDividendRecognisedInEquityMember 31061032 2024-01-01 2024-12-31 d:RetainedEarningsMember 31061032 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 31061032 2025-01-01 d:ContributedCapitalMember 31061032 2025-01-01 d:RetainedEarningsMember 31061032 2025-01-01 d:ProposedDividendRecognisedInEquityMember 31061032 2025-01-01 2025-12-31 d:RetainedEarningsMember 31061032 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 31061032 2025-12-31 d:ContributedCapitalMember 31061032 2025-12-31 d:RetainedEarningsMember 31061032 2025-12-31 d:ProposedDividendRecognisedInEquityMember 31061032 2025-01-01 d:LandAndBuildingsMember 31061032 2025-12-31 d:LandAndBuildingsMember 31061032 2025-01-01 2025-12-31 d:LandAndBuildingsMember iso4217:DKK xbrli:pure Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2025-01-01 2025-12-31 2024-01-01 2024-12-31 31061032 Kuli Properties A/S P.L. Brandts Allé 1 5220 Odense SØ 2007-11-15 Odense EY Godkendt Revisionspartnerselskab 30700228 Cortex Park Vest 3 5230 Odense M Danmark +45 73 23 30 00 2026-06-23 Elisabeth Rozetta Desiree Meijer Regnskabsklasse B Andre erklæringer uden sikkerhed true true 2026-06-23 2026-06-23 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Kuli Properties A/S for the financial year 1 January - 31 December 2025. The annual report, which has not been audited, has been prepared in accordance with the provisions of the Danish Financial Statements Act. The Board of Directors and the Executive Board have considered the criteria for omission of audit to be met. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. It is proposed to the annual general meeting that the financial statements for 2026 should not be audited.The general meeting has decided that the financial statements for the coming financial year will not be audited. We recommend that the annual report be approved at the annual general meeting. Odense Elisabeth Rozetta Desiree Meijer Elisabeth Rozetta Desiree Meijer Chairman Naomi Livnat Maarten Eduard Vermeer To the general management of Kuli Properties A/S We have compiled the financial statements of Kuli Properties A/S for the financial year 1 January - 31 December 2025 based on the Company's bookkeeping and other information provided.The financial statements comprise an income statement, balance sheet, statement of changes in equity and notes, including accounting policies.We performed this compilation engagement in accordance with ISRS 4410 Compilation Engagements.We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of the financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant requirements in the Danish Auditors Act and International Ethics Standards Board for Professional Accountants' International Code of Ethics for Professional Accountants (IESBA Code), including principles of integrity, objectivity, professional competence and due care.The financial statements and the accuracy and completeness of the information used to compile the financial statements are your responsibility.Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile the financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether the financial statements are prepared in accordance with the Danish Financial Statements Act. Odense Brian Skovhus Jakobsen State Authorised Public Accountant mne27701 Kuli Properties A/S’ primary activites are related to rental of properties. The income statement for 2025 shows a profit of DKK 3,477 thousand against a profit of DKK 3,353 thousand last year, and the balance sheet at 31 December 2025 shows equity of DKK 35,529 thousand. No events affecting the Company's financial position have occurred subsequent to the financial year-end 31 December 2025. 5198889 5031864 844750 844750 4354139 4187114 168256 123578 51855 9612 4470540 4301080 993527 948044 3477013 3353036 5650250 4285000 -2173237 -931964 37611683 38456433 37611683 38456433 37611683 38456433 3873445 2359216 27944 0 17508 17508 3918897 2376724 2053935 2961117 5972832 5337841 43584515 43794274 1990120 1990120 27888784 30062021 5650250 4285000 35529154 36337141 3979814 3745964 3979814 3745964 1550000 1550000 1550000 1550000 537677 548195 685380 353710 1302490 1259264 2525547 2161169 4075547 3711169 43584515 43794274 1990120 30993985 4016684 -931964 4285000 0 4016684 1990120 30062021 4285000 -2173237 5650250 0 4285000 1990120 27888784 5650250 The annual report of Kuli Properties A/S for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currencyThe financial statements are presented in Danish kroner (DKK). The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from rental of property, is recognised in revenue at the time when the rent is due and provided that the income can be measured reliably and payment is expected to be received.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to administration, bad debts, etc. The item comprises depreciation of property, plant and equipment.The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Land and buildings 30-50 years Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. The carrying amount of property, plant and equipment is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. Proposed dividendsDividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value. Deferred incomeDeferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. 0 0 148979 112344 19277 11234 51855 9612 759677 714195 233850 233849 51952171 51952171 13495738 844750 14340488 37611683 The company has mortgage deeds registered amounting to DKK 23,500 thousand. The deeds are not held as security for any engagements as of 31 December 2025. Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements Kuli Onroerend Goed B.V.Rotterdam, NetherlandParklaan 9 3016BA Rotterdam Netherland